Deal sells units of one share and a half-share warrant at $2.40 each
By Devika Patel
Knoxville, Tenn., March 1 - EntreMed, Inc. said it plans a $10.79 million registered direct offering of units.
The company will sell 4,495,833 units of one common share and a half-share warrant at $2.40 per unit.
The whole warrants are exercisable for three years.
Burrill Securities LLC is the agent. Investors include Kleiner Perkins Caufield Byers China Fund II, LP and IDG-Accel China Growth Fund III LP.
Settlement is expected March 6.
"We intend to use the net proceeds from this offering to advance our clinical development plan, including additional trials for ENMD-2076, and for general corporate purposes," chief executive officer Ken Ren said in a press release.
Based in Rockville, Md., EntreMed develops therapeutic treatments for cancer and inflammatory diseases.
| Issuer: | EntreMed, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $10,789,999
|
| Units: | 4,495,833
|
| Price: | $2.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Agents: | Burrill Securities LLC
|
| Investors: | Kleiner Perkins Caufield Byers China Fund II, LP and IDG-Accel China Growth Fund III LP
|
| Pricing date: | March 1
|
| Settlement date: | March 6
|
| Stock symbol: | Nasdaq: ENMD
|
| Stock price: | $2.95 at close Feb. 28
|
| Market capitalization: | $56.71 million
|
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